What a cross-border advisor can do for you
Who dual-licensed advisors help, how they differ from an ordinary advisor, and the account types they can hold on both sides of the border.
This article was published on November 7, 2023, more than 2 years ago and is not continuously updated. Tax and securities rules may have changed since. Check the sources at the end of the article, and the date, before acting.
Individuals and families whose financial concerns lie on both sides of the Canada–United States border need an advisor who is dually licensed in Canada and the U.S. Such advisors simplify these complex issues so you can have confidence in your financial picture. Beyond enabling you to meet the regulatory requirements of cross-border investments, they help you plan your financial future, taking into account both sides of your financial life and aligning them with your long-term goals.
Who they help
- Americans moving to Canada
- Canadians moving to the U.S.
- Americans living in Canada
- Canadians living in the U.S.
- Expatriates living abroad
How a cross-border advisor differs
Most U.S.-registered investment firms cannot work with Canadian residents, and most Canadian firms cannot work with U.S. residents. A dual-licensed advisor is registered in both countries and usually has strong connections to other cross-border professionals in tax, trust and estate planning, insurance and immigration, so the pieces of your plan are coordinated rather than scattered across two countries.
Accounts a dual-licensed advisor can hold
- 401(k) savings plans
- Traditional, Roth, SEP and rollover IRAs
- Trust accounts, estate accounts and loan advance accounts
- Separately managed accounts (SMAs)
- Corporate accounts including LLCs and LPs
- RRSPs and RRIFs for Canadians living in the U.S.
- Investment accounts for U.S.-resident children of Canadian-resident parents
For Americans, they can also manage custodian accounts for minors, UTMA/UGMA accounts, 529 college savings plans and transfer-on-death accounts.
Sources and further reading
Related resources
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Chris is a cross-border financial advisor licensed in both Canada and the United States. He helps Americans moving to Canada and Canadians moving to the U.S. keep their retirement accounts intact and build one plan that covers both sides of the border. He writes for Cross Border Wealth in his personal capacity.
Disclosure: Chris writes in his personal capacity; his views do not represent any firm he is associated with. Cross Border Wealth does not provide advisory services. If you need advice, use the Get connected form and we will introduce you to a licensed professional.